Divorces in Carver and Scott counties involving high-asset individuals tend to be expensive because there are more assets, property and wealth to divide. It is often tricky for couples to agree on a settlement because their emotions are running high and the rules of marital property division for high-value divorces are more complex.
You might feel like you are in the battle of your life as you fight for the settlement you feel you deserve. However, there are mistakes you should watch out for or you could end up compromising your post-divorce financial security. Here are two common pitfalls of high-value divorces to avoid.
1. Assuming there are no hidden assets
The stakes are high in divorce. Usually, one spouse is the higher earner or has a higher net worth than the other. One person might also have more control over the assets and accounts. It is not uncommon for one person in a high-value relationship to hide assets to keep the spouse from sharing them in the divorce. If the court does not know about the assets, it cannot include it in the divorce settlement.
Hiding assets is unethical and illegal. Despite knowing this, many people do it. There are ways to find hidden assets. Ask your partner for copies of statements from all bank and investment accounts, copies of life insurance policies, business and financial records, credit card statements and tax returns. You should also consider hiring a forensic accountant to find any relevant financial information that your partner does not disclose. You can also ask the court to intervene.
2. Rushing to settle the divorce too quickly
You might be in a rush to settle your divorce so you can move on with your life. Rushing can cause you to end up with an unfair divorce settlement. Before you agree to anything, you should make sure you understand the short- and long-term effects on your post-divorce life.
If you are involved in a divorce where there is a considerable amount of assets at stake, make some goals to help keep you on track. You might want to speak with an attorney who will help to protect your interests.